Occidental Petroleum Swings to Loss
October 28 2015 - 8:50AM
Dow Jones News
Occidental Petroleum Corp. swung to a $2.61 billion loss in the
third quarter amid heavy write-downs and announced it will exit and
evaluate some of its operations.
Chief Executive Stephen I. Chazen said in a news release that
Occidental will exit the Williston Basin and consider minimizing
its involvement in its Middle East and North Africa noncore
operations.
Houston-based Occidental, like many other companies, has been
hurt by the tumble in energy prices.
In the third quarter, Occidental said WTI and Brent marker
prices were $46.43 per barrel and $51.17 per barrel, respectively,
down more than 50% from a year earlier.
Still, Occidental continued to add to its production. In the
latest quarter, production climbed 16% to 689,000 barrels of oil
equivalent a day.
Overall, Occidental reported a loss of $2.61 billion, or $3.42 a
share, compared with a profit of $1.21 billion, or $1.55 a share, a
year earlier.
The latest quarter's results included about $3.4 billion in
asset impairment charges.
Core earnings were 3 cents a share, while analysts polled by
Thomson Reuters had forecast a loss of a penny a share.
Total revenue fell 36% to $3.12 billion.
Shares of Occidental, down 13% this year, were inactive in
premarket trading.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 28, 2015 08:35 ET (12:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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